BEIRUT: Lebanon’s financial prosecutor questioned a top central bank manager on Friday over the country’s financial crisis, including the free fall of the Lebanese currency, a judicial official said.
Mazen Hamdan, the head of cash operations at the bank, is the most senior official to be interrogated in an ongoing probe into possible financial wrongdoing. He was ordered to appear for questioning about what Lebanon’s official news agency called “the manipulation of the dollar exchange rate.”
The central bank denied charges of manipulation in a statement that detailed recent transactions with money traders.
The probe reflected a growing clash between the central bank and the government at a critical time, as Lebanon launches talks with the International Monetary Fund to negotiate a rescue plan amid an unprecedented economic and financial crisis. The talks come against the backdrop of a deepening liquidity crunch, negative economic growth, soaring inflation and a massive state debt.
The judicial official, who spoke on condition of anonymity because he was not authorized to discuss the investigation, said Hamdan has not yet been formally charged.
In a statement, the central bank said it was lifting banking secrecy rules to show transactions between the bank and private money traders, to respond to the prosecutor’s allegations. It said the transactions with private traders over one month were of a limited quantity and were no match to the fluctuations witnessed in the market. It added that no transactions with exchange bureaus occurred after May 5.
“There are no manipulations in the exchange market as a result of transactions with the central bank,” it said.
Meanwhile, the central bank’s staff union called for the release of Hamdan, denouncing a “continuous attack on the central bank” and saying Hamdan was only carrying out his administrative duties.
In recent days, authorities have cracked down on currency exchange bureaus as the Lebanese pound, pegged to the dollar for more than 20 years, lost 60% of its value in weeks. A number of money dealers and the head of their union were arrested and officials closed down some bureaus for operating without licenses. They accused others of violating orders from the central bank to trade at a new controlled rate.
The measures to contain the currency’s free fall, including a cap on external transfers and adjusted exchange rates for dollar withdrawals from banks and money transfer bureaus, have created chaos on the black market and sowed panic among the public.
The central bank said it will provide dollars to importers at the rate of 3,200 pounds to the dollar — more than double the official pegged rate — to control the price of food. The black market rate has reached over 4,200 pounds to the pound in recent days.
The interrogation of Hamdan comes amid an unprecedented public spat between the head of the government and the governor of the central bank. Prime Minister Hassan Diab has held the governor, Riad Salameh, responsible for the pound’s downward spiral. Salameh says he has been taking all necessary measures to contain the crisis and blames politicians for misspending bank finances to pay down massive state debt.
Lebanon central bank official probed over currency crash
https://arab.news/c5r64
Lebanon central bank official probed over currency crash
- Mazen Hamdan is the most senior official to be interrogated in an ongoing probe into possible financial wrongdoing
- The central bank denied charges of manipulation in a statement that detailed recent transactions with money traders
Defense minister acknowledges Israel killed Hamas leader in Iran
- Minister’s comments mark first time Israel has admitted killing Ismail Haniyeh in Iran
- Admits Israel killed other leaders of Hamas and Hezbollah, helped topple Syria’s Bashar Assad
JERUSALEM: Israel’s defense minister has confirmed that Israel assassinated Hamas’ top leader last summer and is threatening to take similar action against the leadership of the Houthi group in Yemen.
The comments by Israel Katz appeared to mark the first time that Israel has admitted killing Ismail Haniyeh, who died in an explosion in Iran in July.
Israel was widely believed to be behind the blast, and leaders have previously hinted at its involvement.
In a speech Monday, Katz said the Houthis would meet a similar fate as the other members of an Iranian-led alliance in the region, including Haniyeh.
He also noted that Israel has killed other leaders of Hamas and Hezbollah, helped topple Syria’s Bashar Assad, and destroyed Iran’s anti-aircraft systems.
“We will strike (the Houthis’) strategic infrastructure and cut off the head of the leadership,” he said.
“Just like we did to Haniyeh, Sinwar, and Nasrallah in Tehran, Gaza, and Lebanon, we will do in Hodeida and Sanaa,” he said, referring to Hamas and Hezbollah leaders killed in previous Israeli attacks.
The Iranian-backed Houthis have launched scores of missiles and drones at Israel throughout the war, including a missile that landed in Tel Aviv on Saturday and wounded at least 16 people.
Israel has carried out three sets of airstrikes in Yemen during the war and vowed to step up the pressure on the militant group until the missile attacks stop.
Israel says intercepted projectile fired from Yemen
- “Rocket and missile sirens were sounded following the possibility of falling shrapnel from the interception”
JERUSALEM: The Israeli army said Tuesday it had intercepted a projectile fired from Yemen after air raid sirens sounded in the center and south of Israel.
“Following the sirens that sounded a short while ago, a projectile that was launched from Yemen was intercepted prior to crossing into Israeli territory,” the Israeli army said on Telegram.
“Rocket and missile sirens were sounded following the possibility of falling shrapnel from the interception.”
Israel’s emergency medical service, Magen David Adom, reported no injuries from the projectile.
Israeli Prime Minister Benjamin Netanyahu on Monday warned the Iran-backed Houthi rebels of Yemen, who last week fired two missiles at Israel, including one that injured 16 people in the commercial hub of Tel Aviv on Saturday.
“I have instructed our forces to destroy the infrastructure of Houthis, because anyone who tries to harm us will be struck with full force,” he told lawmakers, “even if it takes time.”
Israeli warplanes retaliated against ports and energy infrastructure, which the military said contributed to Houthi rebel operations, after a rebel missile badly damaged an Israeli school last week.
The Houthis said the Israeli strikes killed nine people.
Sudan drops out of hunger-monitor system on eve of famine report
- Sudan’s withdrawal from the IPC system could undermine humanitarian efforts to help millions of Sudanese suffering from extreme hunger, said the leader of a non-governmental organization operating there, speaking on condition of anonymity
KHARTOUM: The Sudanese government has suspended its participation in the global hunger-monitoring system on the eve of a report that’s expected to show famine spreading across the country, a step likely to undercut efforts to address one of the world’s largest hunger crises.
In a letter dated Dec. 23, the government’s agriculture minister said the government is halting its participation in the Integrated Food Security Phase Classification (IPC) system. The letter accused the IPC of “issuing unreliable reports that undermine Sudan’s sovereignty and dignity.”
On Tuesday, the IPC is expected to publish a report finding that famine has spread to five areas in Sudan and could expand to 10 by May, according to a briefing document seen by Reuters. “This marks an unprecedented deepening and widening of the food and nutrition crisis, driven by the devastating conflict and poor humanitarian access,” the document stated.
A spokesperson for the Rome-based IPC declined to comment.
Sudan’s withdrawal from the IPC system could undermine humanitarian efforts to help millions of Sudanese suffering from extreme hunger, said the leader of a non-governmental organization operating there, speaking on condition of anonymity.
“Withdrawal from the IPC system won’t change the reality of hunger on the ground,” the NGO source said. “But it does deprive the international community of its compass to navigate Sudan’s hunger crisis. Without independent analysis, we’re flying blind into this storm of food insecurity.”
A diplomat with Sudan’s mission to the United Nations in New York didn’t immediately respond to a request for comment on the move to cut off the IPC.
The IPC is an independent body funded by Western nations and overseen by 19 large humanitarian organizations and intergovernmental institutions. A linchpin in the world’s vast system for monitoring and alleviating hunger, it is designed to sound the alarm about developing food crises so organizations can respond and prevent famine and mass starvation.
IPC analysts typically partner with national governments to analyze data related to food insecurity and to report on conditions within a country’s borders. The government has headed the IPC’s analysis group in Sudan. But the system has increasingly struggled to function since civil war erupted in April 2023.
The fighting between the army-backed government and its foe, the Rapid Support Forces (RSF) paramilitary, has disrupted data collection in areas held by both sides.
A recent Reuters investigation found that the Sudanese government obstructed the IPC’s work earlier this year, delaying by months a famine determination for the sprawling Zamzam camp for internally displaced people where some have resorted to eating tree leaves to survive.
Monday’s letter was addressed to the IPC and it s Famine Review Committee, which vets and verifies a famine finding, as well as to diplomats. It says the forthcoming IPC report lacks updated malnutrition data and assessments of crop productivity during the recent summer rainy season.
The growing season was successful, the letter says.
It also notes “serious concerns” about the IPC’s ability to collect data from territories controlled by the RSF.
The IPC’s struggles go beyond Sudan. In a series of reports this year, Reuters has reported that authorities in Myanmar and Yemen have also tried to thwart the global hunger-monitoring process by blocking or falsifying the flow of data to the IPC or suppressing its findings.
In Myanmar, the IPC recently scrubbed from its website its assessment on hunger there, fearing for the safety of researchers. Reuters recently reported that representatives of the country’s ruling military junta have warned aid workers against releasing data and analysis showing that millions in Myanmar are experiencing serious hunger.
In Ethiopia, the government disliked an IPC finding in 2021 that 350,000 people were experiencing catastrophic acute food insecurity – so it stopped working with the IPC.
Alex de Waal, executive director of the World Peace Foundation at Tufts University’s Fletcher School, called Sudan’s move to stop cooperating with the IPC “both pathetic and tragic.”
“It’s part of a long history of the government of Sudan denying famine going back more than 40 years,” said de Waal, a leading specialist on famine. “Whenever there’s a famine in Sudan, they consider it an affront to their sovereignty, and they’re more concerned about their pride and their control than they are over the lives of their citizens.”
Iraq says to eliminate pollutant gas flaring by end of 2027
- The office of Iraqi Prime Minister Mohammed Shia Al-Sudani in a statement Monday evening pointed to “a rise in the level of eliminating gas flaring” in the country
BAGHDAD: Iraqi authorities on Monday announced that the energy-rich country would eliminate the polluting practice of gas flaring by the end of 2027, a statement from the prime minister’s office said.
Gas flaring during the production or processing of crude is intended to convert excess methane to carbon dioxide, but the process is often incomplete, resulting in further methane release.
Iraq has the third highest global rate of gas flaring, after Russia and Iran, having flared about 18 billion cubic meters of gas in 2023, according to the World Bank.
The office of Iraqi Prime Minister Mohammed Shia Al-Sudani in a statement Monday evening pointed to “a rise in the level of eliminating gas flaring” in the country.
The office said that the current rate of elimination stood at 67 percent, with the aim of raising that rate to 80 percent by the end of 2025.
It added that the country aims to fully eliminate gas flaring by the end of 2027, compared to the previous administration’s target of 2030.
In 2017, Iraq joined a World Bank-led initiative aiming to end gas flaring globally by 2030.
Gas flaring is cheaper than capturing the associated gas, processing and marketing it.
In an April report, Greenpeace Middle East and North Africa said gas flaring “produces a number of cancer-linked pollutants including benzene.”
Iraq is considered by the United Nations to be one of the five countries most vulnerable to some impacts of climate change.
In recent years, it has suffered increasingly from droughts and further desertification, with the country gripped by dust storms much of the year.
Defense minister acknowledges Israel killed Hamas leader in Iran
- The comments by Israel Katz appeared to mark the first time that Israel has admitted killing Ismail Haniyeh
- Katz said the Houthis leadership would meet a similar fate to that of Haniyeh
JERUSALEM: Israel’s defense minister has confirmed that Israel assassinated Hamas’ top leader last summer and is threatening to take similar action against the leadership of the Houthi group in Yemen.
The comments by Israel Katz appeared to mark the first time that Israel has admitted killing Ismail Haniyeh, who died in an explosion in Iran in July.
Israel was widely believed to be behind the blast, and leaders have previously hinted at its involvement.
In a speech Monday, Katz said the Houthis would meet a similar fate as the other members of an Iranian-led alliance in the region, including Haniyeh.
He also noted that Israel has killed other leaders of Hamas and Hezbollah, helped topple Syria’s Bashar Assad, and destroyed Iran’s anti-aircraft systems.
“We will strike (the Houthis’) strategic infrastructure and cut off the head of the leadership,” he said.
“Just like we did to Haniyeh, Sinwar, and Nasrallah in Tehran, Gaza, and Lebanon, we will do in Hodeida and Sanaa,” he said, referring to Hamas and Hezbollah leaders killed in previous Israeli attacks.
The Iranian-backed Houthis have launched scores of missiles and drones at Israel throughout the war, including a missile that landed in Tel Aviv on Saturday and wounded at least 16 people.
Israel has carried out three sets of airstrikes in Yemen during the war and vowed to step up the pressure on the militant group until the missile attacks stop.